Amex Unveils High-Yield Business Savings Account with Decent APY

American Express has launched a high-yield savings account for businesses, called the American Express Business Savings Account. This new account can be paired with an existing American Express Business Checking account, allowing for fee-free transfers between the two.

The account offers a decent APY of 2.95%, and there are no monthly fees or minimum balance requirements. Business owners can also integrate their savings account with accounting tools like QuickBooks Online or Xero, as well as with accounting software apps available through Plaid and Yodlee.

However, same-day ACH transfers come with a $10 fee. The American Express Business Savings Account is not the only high-yield savings option on the market for businesses - Axos Bank's Business Premium Savings account offers 3.60% APY, while Live Oak's Business Savings account offers 2.75% APY.